The governor said the state government is expected to internally generate N60 billion to partly fund the budget.
The Akwa Ibom State Governor, Umo Eno, on Tuesday, presented the 2024 budget proposal totalling N845.632 billion to the State Assembly for approval.
The proposal christened Arise Budget for Growth and Expansion is made of a recurrent expenditure of N352.917 billion and a capital expenditure of N492.715 billion.
The 2024 appropriation is "predicated on the oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700 /US$, in line with the National budget benchmark projections," the governor told the lawmakers.
The new proposal is 0.5 per cent less than the revised Appropriation Law of 2023 which stood at N850 billion.
Giving a breakdown of the recurrent revenue of N561 billion projected for 2024 which represents 3.7 per cent of the revised provision of N540.8 billion in the current fiscal year, the governor listed the state's source of recurrent revenue to include, N60 billion from Internally Generated Revenue (IGR), N55 billion from statutory revenue, N280 billion from derivation revenue, N51 billion as 13 per cent derivative revenue arrears and N45 billion from Value Added Tax (VAT).
The governor said as a strategy for the implementation of the 2024 budget, the state government will partner with foreign investors to invest in the relevant and key sectors of the economy and undertake robust human capital development.
Mr Eno mentioned the goals of the budget to include widening "the industrial base of the State through rapid industrialisation and investment activities by providing an enabling environment for the private sector to thrive.
"This is to enhance the availability of goods and services for domestic use as well as for export.
"Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials."
Mr Eno informed the lawmakers of his determination to invest in the "blue economy" and improve the living standards and financial success of fishers.
He said the state government recently signed a Memorandum of Understanding with the Nigerian Navy for the establishment of Ibom Fish City, "an ambitious project aimed at maximizing our comparative advantage in the blue economy."
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Giving a review of the performance of the 2023 Appropriation Law, the governor said a total of N850 billion was approved for the 2023 Fiscal Year with a total recurrent expenditure of N394.315 billion and a capital expenditure of N455.685 billion.
"As of September 2023, the total recurrent revenue collected was N326.420 billion representing 80.5 per cent of the prorated approved provision for the period (January - September). The sum of N62.082 billion was realised from other capital receipts excluding recurrent surplus. This represents 26.8 per cent of the prorated approved provision for the period.
"A total of N135.681 billion was spent on capital programmes within the same period which represents 39.7 per cent of the prorated provision for the period," the governor said.
The governor assured the lawmakers of his determination to ensure "faithful implementation" of the budget. He solicited "expeditious approval of the estimates" from the lawmakers.
